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Corn prices on the international market are on a huge rise, according to information negotiated by TF Agroeconomic. “From inspection data, the US Gulf handled 1.3 million tonnes, including 830,000 tonnes destined for China and accounted for 66% of total US exports during the week, making it the second busiest week on record ”, he comments.
"Pacific Northwest volumes also increased, reaching 507,000 metric tons, with China's dominance challenged by large volumes to Japan and South Korea. Inspections so far have soared to 51 million tons, 81% of the USDA forecast for the entire year, with around 13 weeks still to go”, adds the consultancy.
In Asian markets, corn futures on the Chinese Dalian exchange settled at CNY 2,729/t (427.71/t) for July. “Corn offers for Vietnam were heard at US$ 322.30/t CIF Phu My and Cai Mep for loading in July and at US$ 317/t CIF Hai Phong in the north of the country for loading in August”, it indicates.
“In Ukraine, a deal for an affordable size was rumored to have been made at US$ 292/t FOB Mykolaiv for June, whilst for the Ukrainian CPT market, an offer was heard at US$ 280/t CPT Odesa. Buying interest was recorded at US$ 278/t for spot loading in June. Meanwhile, in the US, Gulf CIF barge market bids and offers were flat for most months, with only immediate indications from June showing signs of tightening,” he concludes.
By: Leonardo Gottems | agrolink
